Taking money to Oz: Tax???
Mar 3rd 2005, 12:09 am
#16
Joined: Feb 2004
Posts: 1,277
Re: Taking money to Oz: Tax???
Originally Posted by OzTennis
Ah, we may have a tax issue as we own houses in the UK and Oz (Williamstown). We will sell up in Scotland and move back to Melbourne so ATO might be interested in the $'s we move!
The Peninsula certainly is a very nice area and I know it reasonably well because my brother and his family live at Frankston - long story, he lectures at Monash, sometimes at Frankston campus, wife's family come from Wonthaggi and our parents from Willie so it is a convenient location for them.
Our plans are indefinite in the sense that we will move back but we don't know exactly when. Not to put too fine a point on it but we have an elderly mother-in-law to look after here and as long as, you know, we'll stay here.
OzTennis
The Peninsula certainly is a very nice area and I know it reasonably well because my brother and his family live at Frankston - long story, he lectures at Monash, sometimes at Frankston campus, wife's family come from Wonthaggi and our parents from Willie so it is a convenient location for them.
Our plans are indefinite in the sense that we will move back but we don't know exactly when. Not to put too fine a point on it but we have an elderly mother-in-law to look after here and as long as, you know, we'll stay here.
OzTennis
You may want to talk to someone professional because I think the wording of the rule means that you may be able to claim the exemption if you come to Oz and continue to rent out the Williamstown property until you have sold your Scottish house.
Sometimes you may have to take the philosophical view that if you end up paying tax then you have made some money somewhere. Unfortunately, working in the UK, one becomes accustomed to the little tax dodges and loop-holes that you don’t get in Oz.
Cheers
Alistair
Mar 3rd 2005, 6:11 pm
#17
Forum Regular
Joined: Feb 2005
Posts: 90
Re: Taking money to Oz: Tax???
Originally Posted by freckles
Hi guys,
we are migrating to Oz in september and we were planning on taking the money we get from selling our home in Holland with us. But its probably very useful to find out how much tax we have to pay on the amount we take into the country. Can anyone enlighten us? We do have an aussie account, so we could just transfer it, we are not talking cash. (shame really, would look very sophisticated...
)
Thanks heaps!
we are migrating to Oz in september and we were planning on taking the money we get from selling our home in Holland with us. But its probably very useful to find out how much tax we have to pay on the amount we take into the country. Can anyone enlighten us? We do have an aussie account, so we could just transfer it, we are not talking cash. (shame really, would look very sophisticated...
)Thanks heaps!
You may have to prove where the money has come from, if you are a Columbian Drug Lord trying to bring in loads of cash then they will ask you questions where its from but if its from the sale of a house that should be fine.
